新集能源：产销下滑略有拖累，煤电一体稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in both production and sales, but the coal-electricity integration is progressing steadily [1][2] - The company is expected to achieve net profits of 2.18 billion, 2.48 billion, and 2.89 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 10.1, 8.9, and 7.6 respectively [3] Summary by Sections Coal Segment - In H1 2024, the coal segment (including internal sales) generated revenue of 5.1 billion yuan, a decrease of 6.2% year-on-year, with a gross profit of 2.05 billion yuan, down 3.6% [1] - The coal production in H1 2024 was 10.38 million tons, a decline of 7.7% year-on-year, with external sales of 7.12 million tons, down 14.0% [1] - The average selling price of coal in H1 2024 was 564 yuan per ton, an increase of 4.5% year-on-year [1] Power Segment - In H1 2024, the company generated 4.61 billion kWh of electricity, an increase of 12.4% year-on-year, with an average on-grid electricity price of 0.41 yuan per kWh, up 1.3% [2] - The company has significant growth potential in its coal-electricity business, with several projects under construction totaling 7,250 MW of installed capacity [2] Financial Projections - The company is projected to achieve revenues of 13.01 billion, 13.78 billion, and 15.4 billion yuan from 2024 to 2026, with corresponding growth rates of 1.3%, 5.9%, and 11.8% [3] - The net profit for 2024 is expected to be 2.18 billion yuan, reflecting a year-on-year growth of 3.2% [3]